Despite a drop from second to third in the nation, the total number of foreclosures in Maryland remains high and increased from last year. As reported in The Baltimore Business Journal:
Maryland foreclosures in August increased 20 percent from a year ago as the state dropped from second to third in the U.S. for the number of foreclosures.
RealtyTrac reported in its monthly report that Maryland foreclosures were also up 71 percent from July, when the online real estate data firm reported the state had experienced two straight years of rising foreclosures.
Baltimore’s foreclosure rate also ranked third among the top 20 metro areas in the United States, RealtyTrac found. About one in every 17 housing units in Baltimore had a foreclosure filing.
Although the foreclosure rates in Maryland were high, the state is not holding nearly as many foreclosure auctions as other states. In Colorado, foreclosure auctions were up 160 percent and increased 117 percent in Oregon; in Maryland foreclosure auctions were up just 20 percent.
The number of foreclosures increased nationwide. Reasons quoted in the article for the increases included the lingering effects of litigation and mortgage servicers adjusting to new legislations. The article also noted that the total number of delinquencies in the state is in decline.
For more information read the full article in The Baltimore Business Journal.